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Shutterstock photo(RTTNews.com) – The Malaysia stock market on Tuesday snapped the two-day slide in which it had given away more than 7 points or 0.4 percent. The Kuala Lumpur Composite Index now rests just beneath the 1,725-point plateau although it figures to head south again on Wednesday.
The global forecast for the Asian markets is soft thanks to ongoing geopolitical concerns over North Korea and tax reform in the United States. The European and U.S. markets were down and the Asian bourses are expected to open in similar fashion.
The KLCI finished modestly higher on Tuesday following gains from the financial shares and the industrial issues.
Among the actives, Hong Leong Bank skyrocketed 11.11 percent, while IJM Corporation surged 4.14 percent, Genting Malaysia soared 2.60 percent, Sime Darby plummeted 2.17 percent, Maybank climbed 1.41 percent, IOI Corporation jumped 0.90 percent, YTL Corporation dropped 0.86 percent, Genting shed 0.45 percent, Tenaga Nasional added 0.39 percent, CIMB Group collected 0.34 percent, Petronas Chemicals gained 0.27 percent and Public Ban, Astro Malaysia and Digi.com were unchanged.
The lead from Wall Street is negative as stocks shrugged off a positive open to finish in the red – including the Dow, which pulled back from its record closing high set in the previous session.
The Dow dropped 109.41 points or 0.45 percent to 24,180.64, while the NASDAQ shed 13.15 points or 0.19 percent to 6,762.21 and the S&P 500 lost 9.87 points or 0.37 percent to 2,629.57.
The lower close on Wall Street reflected concerns about the outlook for the Republican tax reform bill amid reports about disagreements over a corporate alternative minimum tax.
In economic news, the Commerce Department reported that the trade deficit widened more than expected in October. Also, the Institute for Supply Management noted a bigger than expected slowdown in the pace of service sector growth in November.
Crude oil futures were roughly flat Tuesday as oil has turned lower over the past few sessions with the U.S. dollar strengthening on rate hike chatter. Jan. WTI oil added 15 cents or 0.3 percent to $57.62/bbl.
Closer to home, Malaysia will provide October figures for imports, exports and trade balance later today. In September, imports were worth 69.7 billion ringgit and exports were at 78.3 billion ringgit for a trade surplus of 8.6 billion ringgit.
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